Nedbank joins the chorus of warnings in South Africa

Nedbank is the latest bank highlighting a growing trend of fraudsters pretending to be police officers to scam unsuspecting South Africans.

In a fraud alert to customers, Nedbank said that fraudsters use vishing calls to scam customers out of their money.

Scammers may pose as bank employees from its fraud department or police officers. These scammers will then use various tricks on their targets.

This could include getting the banking customer to download an app, move their money to another account or share their personal information.

A Nedbank ID username and password or card PIN, expiry date, and CSC (the 3- or 4-digit code on your card) could be some of the personal information criminals are trying to access.

Nedbank told its customers that they should never do the following:

• Never move your money to another account to protect it, even if instructed by someone claiming to be from Nedbank.
• Install apps from links sent via WhatsApp, email, or SMS. You should only Install apps from official stores like the Apple App Store or Google Play Store.
• Don’t follow prompts to download apps. Fraudsters may offer discounts on airline tickets or TV streaming services to get you to download an app.
• Never share your Nedbank ID username and password or card PIN, expiry date, and CSC with anyone.

The bank added that customers must beware of seemingly ‘urgent messages’ or calls that threaten serious consequences, try to cause panic or say they require immediate action.

It also said individuals should not rush into acting. Customers should check first before doing anything that they could regret.

If customers suspect fraud, they should report this to the bank, it said.

This is not the first time that a major bank has highlighted this trend; Discovery Bank issued a similar fraud alert last week.

The digital bank told its customers to be on the lookout for a scam involving fake police officials who pressure customers to transfer funds.

It said that fraudsters, posing as police detectives, call victims to inform them that they are linked to a fraud case before advising them to transfer money from their accounts.

“These fraudsters are calling, claiming your ID or cellphone number is linked to fraudulent activity and that fake accounts were opened in your name,” said Discovery.

“They may escalate the situation by involving a fake senior official who pressures you to transfer money for the ‘investigation’, promising it will be returned later.”

The police will never ask for money to investigate or drop a case. Calls also come from unusual private numbers.

Discovery Bank stressed that customers should never transfer money or share bank details over the phone no matter who is calling.

If the police do contact you, it is important to verify their identity by requesting their name, station, and case number. Then, call the station back to confirm these details.

What to look out for

South Africa’s other major banks, including Standard Bank and Capitec, have flagged other forms of impersonation fraud this year.

Standard Bank warned customers of a fraudulent WhatsApp group on social media. It claims affiliation with an investment app called SBG SI Trader. 

It falsely claims to have connections with Standard Bank, SBG Securities, and other platforms, including SBG Securities Online Share Trading. 

It added that the information is fraudulent, stressing that customers should remain vigilant to avoid falling victim to phishing scams, cybercrime, or unauthorised access by fraudsters,

Capitec recently told BusinessTech that the most common scams that target consumers include authorised push payment fraud.

This sees victims being tricked into authorising payments to criminals. This has become a notable concern for banks.

The bank said cybercriminals regularly impersonate trusted organisations, such as banks or service providers, to convince individuals to transfer funds to fraudulent accounts.

Capitec stressed that this scam and others are causing serious financial losses for vulnerable South Africans.